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Why Copper Belongs in Every Macro Portfolio
For most of the past century, the red metal was treated as a simple proxy for industrial growth. When factories ran hot, prices rose. When the economy cooled, they fell. That story is now too narrow. Today, copper sits at the intersection of three of the most powerful themes in global markets: the build-out of artificial intelligence (AI) infrastructure, the shift to electric vehicles (EVs), and the modernisation of ageing power grids. Each one needs vast amounts of the metal. None of them can be delivered without it. That is why analysts and portfolio managers increasingly describe this commodity as strategic rather ... (full story)